JEPQ vs VV: how much do they really overlap?
JEPQ (JPMorgan Nasdaq Equity Premium Income ETF, tracking the Nasdaq-100 (active)) and VV (Vanguard Large-Cap ETF, tracking the CRSP US Large Cap) overlap by roughly 66% by weight. 10 of JEPQ's top 10 holdings also appear in VV. A 50/50 blend of the two behaves like about 53 equally-weighted bets (diversification grade B). In short, the two funds share most of their weight in the same names; the second fund adds only modest differentiation.
The same companies, in both funds
These 19 holdings appear in both JEPQ and VV. The weight columns show how much of each fund each name represents.
| Holding | in JEPQ | in VV |
|---|---|---|
| NVDA NVIDIA Corporation | 6.66% | 7.26% |
| AAPL Apple Inc. | 5.80% | 6.71% |
| MSFT Microsoft Corporation | 3.88% | 4.38% |
| AMZN Amazon.com, Inc. | 3.66% | 3.64% |
| GOOG Alphabet Inc. | 5.03% | 2.61% |
| AVGO Broadcom Inc. | 2.15% | 2.82% |
| MU Micron Technology, Inc. | 5.56% | 2.06% |
| META Meta Platforms, Inc. | 2.37% | 1.95% |
| TSLA Tesla, Inc. | 2.38% | 1.87% |
| AMD Advanced Micro Devices, Inc. | 3.85% | 1.50% |
| AMAT Applied Materials, Inc. | 1.31% | 0.91% |
| INTC Intel Corporation | 1.61% | 0.89% |
| LRCX Lam Research Corporation | 2.88% | 0.86% |
| WMT Walmart Inc. | 1.78% | 0.78% |
| CSCO Cisco Systems, Inc. | 1.34% | 0.66% |
+ 4 more shared holdings.
Only in JEPQ
JPMorgan Nasdaq Equity Premium Income ETF — Nasdaq covered-call income. Its biggest holdings that VV doesn’t have:
| STX Seagate Technology Holdings plc | 1.92% |
| ASML ASML Holding N.V. | 1.13% |
Only in VV
Vanguard Large-Cap ETF — US large-cap. Its biggest holdings that JEPQ doesn’t have:
| GOOGL Alphabet Inc. Class A | 3.31% |
| LLY Eli Lilly & Co. | 1.61% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.40% |
| JPM JPMorgan Chase & Co. | 1.29% |
| JNJ Johnson & Johnson | 0.97% |
| V Visa Inc. Class A | 0.83% |
| CAT Caterpillar Inc. | 0.77% |
| ABBV AbbVie Inc. | 0.70% |
So — heavily overlapping. Should you hold both?
JEPQ and VV share most of their weight in the same names; the second fund adds only modest differentiation. If you already hold JEPQ, adding VV mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~53 equal positions, with the top 10 alone at 38% and the Magnificent Seven at 31%.
Holdings as of — JEPQ: Jun 30, 2026 (J.P. Morgan Asset Management); VV: Jun 30, 2026 (Vanguard). Refreshed monthly. Overlap is measured across each fund’s largest holdings (top 50); the diffuse long tail barely moves the math.
See this for YOUR whole portfolio, free →JEPQ vs VV — FAQ
- How much do JEPQ and VV overlap?
- JEPQ and VV overlap by approximately 66% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 10 of JEPQ's 10 largest holdings are also held by VV. They share 19 of their listed top holdings in total.
- Is it redundant to hold both JEPQ and VV?
- Because they share most of their weight in the same names; the second fund adds only modest differentiation, holding both is largely redundant — you mostly duplicate the same megacaps and concentrate rather than diversify. A 50/50 blend has an effective 53 positions and a B diversification grade.
- What does VV hold that JEPQ doesn't?
- VV's largest holdings that JEPQ doesn't hold include GOOGL, LLY, BRK.B, JPM, JNJ. Its category is US large-cap, versus JEPQ's Nasdaq covered-call income.
- Which is more concentrated, JEPQ or VV?
- JEPQ's top 10 holdings are 72% of its listed weight; VV's are 58%. The more concentrated fund leans harder on its largest names.